SMM Brief on SHFE Aluminum Futures: Shorts Exit, Prices Poised to Climb to RMB 15,000/Mt (2013-6-5)-Shanghai Metals Market

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SMM Brief on SHFE Aluminum Futures: Shorts Exit, Prices Poised to Climb to RMB 15,000/Mt (2013-6-5)

SMM Insight 04:08:54PM Jun 05, 2013 Source:SMM

SHANGHAI, Jun. 5 (SMM) – SHFE 1309 aluminum contract opened slightly higher at RMB 14,895/mt on Wednesday. In the morning session, the most active SHFE aluminum contract failed to break through RMB 14,900/mt on lackluster trading activity, but its downside space was seen limited, though, with the low-end price at RMB 14,870/mt. In the afternoon session, SHFE aluminum for September delivery bounced back as shorts exited after LME aluminum led gains.  Finally, SHFE 1309 aluminum contract closed at an intraday high of RMB 14,970/mt, up RMB 115/m or 0.77%. Positions decreased 1,194 lots to 47,558 lots. The most active SHFE aluminum contract is expected to challenge RMB 15,000/mt as spot aluminum supply is tight and as LME aluminum recorded a 7-day winning streak. 
 

SMM Brief on SHFE Aluminum Futures: Shorts Exit, Prices Poised to Climb to RMB 15,000/Mt (2013-6-5)

SMM Insight 04:08:54PM Jun 05, 2013 Source:SMM

SHANGHAI, Jun. 5 (SMM) – SHFE 1309 aluminum contract opened slightly higher at RMB 14,895/mt on Wednesday. In the morning session, the most active SHFE aluminum contract failed to break through RMB 14,900/mt on lackluster trading activity, but its downside space was seen limited, though, with the low-end price at RMB 14,870/mt. In the afternoon session, SHFE aluminum for September delivery bounced back as shorts exited after LME aluminum led gains.  Finally, SHFE 1309 aluminum contract closed at an intraday high of RMB 14,970/mt, up RMB 115/m or 0.77%. Positions decreased 1,194 lots to 47,558 lots. The most active SHFE aluminum contract is expected to challenge RMB 15,000/mt as spot aluminum supply is tight and as LME aluminum recorded a 7-day winning streak.